Lazard (NYSE:LAZ) Shares Gap Up on Earnings Beat

Lazard, Inc. (NYSE:LAZ)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $52.72, but opened at $56.98. Lazard shares last traded at $54.73, with a volume of 162,015 shares.

The asset manager reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.09. Lazard had a return on equity of 42.20% and a net margin of 8.28%.

Lazard Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Monday, February 10th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.63%. Lazard’s dividend payout ratio (DPR) is currently 79.68%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wells Fargo & Company decreased their price objective on Lazard from $59.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. Morgan Stanley cut shares of Lazard from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $60.00 to $63.00 in a research report on Monday, December 9th. Keefe, Bruyette & Woods dropped their target price on shares of Lazard from $57.00 to $52.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. The Goldman Sachs Group reduced their price target on shares of Lazard from $51.00 to $44.00 and set a “sell” rating on the stock in a research report on Wednesday, January 15th. Finally, Wolfe Research cut Lazard from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $53.50.

Hedge Funds Weigh In On Lazard

Institutional investors and hedge funds have recently bought and sold shares of the company. Berbice Capital Management LLC purchased a new position in shares of Lazard during the 4th quarter valued at $46,000. Abich Financial Wealth Management LLC bought a new position in Lazard in the 3rd quarter worth approximately $50,000. Geneos Wealth Management Inc. purchased a new stake in shares of Lazard during the fourth quarter worth $60,000. HHM Wealth Advisors LLC grew its position in shares of Lazard by 209.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 1,267 shares of the asset manager’s stock valued at $65,000 after purchasing an additional 857 shares in the last quarter. Finally, Spire Wealth Management bought a new position in Lazard in the 4th quarter worth about $69,000. 54.80% of the stock is owned by institutional investors.

Lazard Stock Up 4.4 %

The firm has a market cap of $6.21 billion, a PE ratio of 21.95 and a beta of 1.40. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 2.72. The stock has a fifty day simple moving average of $52.93 and a two-hundred day simple moving average of $50.77.

Lazard Company Profile

Lazard, Inc, together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services.